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<br />WHEREAS, said contracts and indebtedness shall not be a general obligation debt <br />of the Enterprise and it shall not be liable thereon, nor shall said indebtedness be payable out of <br />any funds other than the revenues pledged to the payment thereof; and <br />WHEREAS, the Colorado Water Conservation Board has approved a loan request <br />by the Enterprise not to exceed $3,009,800.00 with loan terms of3,O% per annum for 30 years, <br />to be designated as Loan Contract C 150 192. <br />NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF <br />THE UPPER ARKANSAS WATER ACTIVITY ENTERPRISE: <br />Section 1. Short Title. This resolution may be designated by the short title <br />"North Fork Loan Resolution". <br />Section 2. Definitions. The terms defined in this section, except where the <br />context requires otherwise, shall have the following meanings: <br />(1) "Fiscal Year" means the twelve months commencing January 1 of any <br />year and ending December 31 of said year or any fiscal year which supersedes the Enterprise's <br />current fiscal year. <br />(2) "Gross Revenues" or "revenues" means all income and revenues derived <br />by the Enterprise from any rates, fees, tolls, or charges for the services furnished by, or the use <br />of, the Enterprise as the same may at any time exist. <br />(3) "Net Revenues" means Gross Revenues of the System less Operation and <br />Maintenance Expenses. <br />Section 3. Authority to Sign. The Board hereby delegates to the General <br />Manager of the Enterprise or any member of the Board, the authority to enter into a Loan <br />Contract and to execute a Promissory Note in the form attached hereto. <br />Section 4. Ratification. All consistent action taken previously by the Board <br />and officers of the Enterprise directed toward the Project and toward the incurrence of said <br />indebtedness is ratified, approved, and confirmed. <br />Section 5. Authorization of Loan Contract. For the purpose of providing <br />funds to pay the cost of the Project, the Enterprise shall enter into a Loan Contract and <br />Promissory Note in the form attached hereto and to secure the loan provided for therein <br />("Loan"), and shall perform and observe all of the terms, conditions, and obligations of such, <br />The Loan shall be secured by and the Enterprise pledges irrevocably, but not necessarily <br /> <br />Appendix 3 to Loan ContractC150192 <br />Page 2 of 5 <br />